Buying a Home When You Relocate
A relocation purchase runs on a tighter clock than a normal one. Here is how the process works and where it differs by state.
Beatrice Yunck, Real Estate Consultant, Queen Bea Realty Group
Wisconsin license 98118-94 · Illinois license 475.210497 · 4 years in the area
Speaks: English, Po polsku, Deutsch, Español
How relocation home buying works
- Offer accepted: get your relocation benefits in writing — home-finding trips, temporary housing, closing costs.
- Weeks 1–2: mortgage pre-approval, a call with your agent and a short list of towns (taxes, schools, commute).
- Weeks 2–4: a home-finding trip or video tours, then an offer.
- Under contract: inspection, appraisal and final loan approval. Illinois purchases add an attorney-review period.
- Closing: usually 30–45 days after the offer is accepted, when you have a mortgage.
- Move-in: utilities, school registration and a new driver’s license (60 days in Wisconsin).
Relocation lump sum vs. managed relocation
Lump sum: your employer pays a fixed amount, and you arrange and pay for movers, temporary housing and closing costs yourself. Ask whether it is “grossed up” to cover the tax on it.
Managed (full-service): a relocation management company arranges and pays vendors directly. It may include help selling your current home (a buyout or guaranteed buyout) and home-finding trips.
Questions to ask HR:
- Is it a lump sum or managed?
- Is it grossed up for taxes?
- Which closing costs are covered, on the buying and the selling side?
- How many days of temporary housing?
- Is there a home-sale program, and must I use a specific agent network?
- What do I repay if I leave early?
Moving expenses your employer pays or reimburses are taxable income for most employees (since 2018).
Source: IRS Publication 521
Buying before you sell your current home
If you have a home to sell where you live now, we can connect you with an agent there so both moves stay on schedule.
- Bridge loan: a short-term loan against your current home’s equity to fund the down payment (higher rates and fees).
- Home equity line of credit on your current home, opened before you list it.
- An offer with a home-sale contingency — weaker in a competitive market.
- Your employer’s guaranteed-buyout program, through a relocation company.
- Carrying two mortgages for a while, if your income qualifies.
- A rent-back or an extended closing.
Wisconsin buyer closing costs
Buyers in Wisconsin usually pay the lender’s fees (origination, appraisal, credit report), the lender’s title policy, recording fees, prepaid interest and escrow deposits for property taxes and insurance. Property taxes are prorated at closing. By custom, the seller pays for the owner’s title policy and the state transfer fee.
Wisconsin’s real estate transfer fee is $3 for each $1,000 of value.
Source: Wis. Stat. § 77.22
Talk to a relocation agent
Tell us about your move and we'll send options that fit your timeline and budget.
Prefer to talk? Call Beatrice or book a 30-minute call.
Includes: Relocation buying timeline PDF
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